Transactions subject to a FIRPTA Withholding include the following requirements:
(1) FOLIO Title does not accept Applications for Reduced Withholding (8288B). If you have any questions about any other aspects related to FIRPTA, such as IRS Residency Affidavits, please contact your Processing and Closing Team Point of Contact as soon as possible, or call us to 786-888-6640 so we can efficiently coordinate these matters.
(2) If an 8288 is required, then at least 3 business days prior to Closing, FOLIO requires a review and approval of the FIRPTA 8288 form along with the A, B, and C attachments. If forms are not sent for approval by FOLIO in a timely manner, and/or our requirements are not met, you hereby authorize FOLIO to assess a $250 FIRPTA Handling and Processing Fee to the Seller for the preparation of the the FIRPTA 8288 form along with the A, B, and C attachments.
(3) To avoid delays and any possible miscommunications, please begin sharing information with the Processing and Closing Team Point of Contact as soon as possible, including the contact information for the seller’s accountant and any seller taxpayer ID numbers (if applicable), to ensure the forms are approved by our office.
(4) Please ensure the Buyer is listed as the Withholding Agent (per Application Instructions on the Form).
FOLIO will charge $250 FIRPTA Handling and Processing Fee when 8288 forms along with the A, B, and C attachments are not provided in advance of closing and/or our requirements are not met.